Are others concerned about their retirement savings?

30-Oct-22 20:23pm
Pato Lo Duck
You can also add to your super, even though you don’t work, until you reach age 75 now, ie until your 75 birthday.Edited 30-Oct-22 20:37pm
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30-Oct-22 03:45am
Edward S 497347
You could invest by buying valuable artwork or antiques because they always seem to increase in value, but then you would have an added cost of having to insure them in case they are ever stolen or damaged and insurance premiums always increase and insurance companies cannot be trusted to pay up.
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30-Oct-22 03:38am
Edward S 497347
I had retired at a early age because of numerous medical and health conditions and DO NOT have any superannuation therefore I struggle to survive just on a pension, especially with massive rents which massively increase each year, PLUS massively increasing electricity, gas and grocery prices. With the values of property and shares fluctuating and often decreasing they are NOT a very good investment. IF I was you I would place your savings into a "High Interest" savings account BUT one that has "LOW or NO FEES" When thinking about future living costs we must stop and think about the current war in Ukraine, the pending war with China because they said they are determined to take back control of Taiwan at ANY costs plus every country has a massive National debt so at some point in time one of the future governments WILL start increasing taxes on things like superannuation, savings and investmentsEdited 01-Nov-22 00:45am
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- 31-Oct-22 12:01pm
  Chosen
  Not sure they are going to invade Thailand ?? maybe it will be on their way to Taiwan.
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- 01-Nov-22 00:46am
  Edward S 497347Chosen
  Sorry I meant Taiwan have corrected it
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29-Oct-22 23:42pm
mike B 1066235
TO ME YOU ARE LATE TO WORRY ABOUT YOUR RETIRENENT THIS IS THAT YOU SHOULD DO IN YOU EARLY 30 BUT GOOD LUCK TO YOU
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29-Oct-22 22:51pm
Rosie 459930
just have to ride out the down times and when the market goes up again you will have gains. I know how you feel as I have retired and start to panic when my super takes a dive like at the moment but history shows the market will go up again,
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29-Oct-22 22:38pm
GRAEME W 313058
Do not have any so nothing to worry about
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29-Oct-22 22:25pm
lulu
It's all greedy grabbing fees, you wait till you use a share and watch those fees you won't believe it. Not meant for you sweetie think I should have stashed mine in the mattress
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29-Oct-22 22:23pm
Martin R 125460
well said - my Kiwi Saver id just going south - bloody government just taxes anything that moves. ANY income below say $15k per annum should be tax free
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29-Oct-22 21:00pm
Pato Lo Duck
These things happen from time to time, the last time being the GFC.If your super is in the default option then some of it is invested in the share market and will go down when the share market does. Eventually the situation will change and your balance will improve but that could take a while and it’s hard to tell when exactly that will happen. The last week share markets have improved 5% or so. If you had moved your money to cash in the bank you would have missed that. Many say this is temporary and the market will drop further. Nothing is easy to be sure about in these situations. Many super funds have various options to choose from. You don’t have to keep you money at risk. You can even choose the cash option in you super account rather than put it in the bank. If you take it out and earn interest, you will have to pay tax on it. If you leave it in your super fund and choose a less volatile option then you won’t pay tax, but if the markets move quickly (and they can) then you may miss out on some earnings. In the end it is up to you but I would be very cautious about cashing out your super because while your money is in super, you will never pay tax when you withdraw any of it.
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29-Oct-22 20:04pm
Paula J 395266
I have been concerned about my retirement savings for years now. We are self funded which means all we have is our retirement savings although we did get a health card last year. WooHoo, finally. We have earnt no interest on our savings now for years and have only just started to earn something in the last couple of months and in 2020 the Government stopped companies paying us dividends which is what we use to pay our car rego and insurance. Things were looking pretty grim there for awhile. People keep on about the cost of living and wanting a pay rise but there isn't any pay rise for us because we are drawing on our super and our savings so the balance just keeps going down. People go on about the pension and the pensioners but we get less and no-one seems to care.
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29-Oct-22 19:31pm
Imperia S
should be the way things are going these days
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29-Oct-22 19:27pm
APB
I don't know what a Kiwi Saver entails...is that like Australian Superannuation?...keeping your money in superannuation or in property will give you an average return of between 8 and 10 percent on average....NEVER give it to the Banks...they are all hovering there waiting to rip you off... they email me once a week to ask if I want to borrow some more money...they never emailed me when the local branch was closed... Edited 29-Oct-22 19:31pm
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29-Oct-22 19:21pm
Kerry Z
If you have to put your money in compulsary super, you should be very worried, because it can be wiped out in the blink of an eye
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29-Oct-22 18:34pm
boy blunder
what savings kids have killed mine Edited 29-Oct-22 18:34pm
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29-Oct-22 18:16pm
William P 589978
Funding retirement is an increasing challenge given the relentless hike in prices for everything. It is time for government to examine more closely price regulation and profiteering.
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29-Oct-22 18:08pm
peter w 94893
Unfortunately it's not something that concerns the govt. They're well taken care of and live like pigs feeding from an abundant trough in retirement, so unfortunately retirement policies for us cannon fodder aren't high on their agenda. If they got the same treatment as us you can bet something would be done smartly.
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29-Oct-22 17:17pm
Tiffany L 690503
There are no such thing as retired savings
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29-Oct-22 17:15pm
Greg B 520364
All our savings are going downhill with negative interest rate over the last 4 years. With the interest rates going so will your savings and also your Morgage you can't have it both ways
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29-Oct-22 17:11pm
Rose S 88496
What retirement savings ??
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29-Oct-22 16:47pm
lynda e 390007
It is a worry we live pay to pay as have a large mortgage
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29-Oct-22 15:59pm
Rebecca B 614374
I don't have much in my superfund and doubt if will ever be enough to fund retirement, even if the economy should bounce back and stock markets grow again. I think retirement is going to become a thing of the past for many people, especially with retirement age now pushed to 70 years old. People will be working until they no longer can.
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29-Oct-22 15:52pm
Christina L 88918
mate which kiwisaver provider are u with? Edited 29-Oct-22 15:53pm
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29-Oct-22 15:52pm
Janet H 854956
No, because I don’t have any retirement savings.
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29-Oct-22 15:06pm
Glenyse H
Similar occurrence with mine .. Markets are a bit soft due to China not using as much iron ore for their steel,production.
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29-Oct-22 14:50pm
Peter M 273033
Ill-health and redundancy made for an early exit from the workforce but, at least, the mortgage is paid off. National Super pays more than the Sickness Benefit. Ain't life grand?!
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29-Oct-22 14:45pm
Amber 22
There is not a lot
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29-Oct-22 14:38pm
Jacqueline R 353303
Is a worry when one is retired and doesn't have a big super as that was not in when I first started. I see people talking about $200 & $300 thousand on their supers, I wish !!!! Hope I can struggle through to last me out but is a concern. My Super lost money last year. :(
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29-Oct-22 14:18pm
Daniel A 2
I don't know, I don't use it.Still I think it all sounds pretty crazy when they're always telling every one to draw it out any time they need it.
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29-Oct-22 13:53pm
Wendy Q
I had to retire to look after my husband, really early so have little or no savings or super
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29-Oct-22 13:50pm
roger l 315504
In Australia the industry super funds have always been a safe bet because they have never paid commissions to 'finan cial experts and advisors'k Funds llike Cbus, the construction industry superfund, still provide adequate personal insurance to high rise members. Personally I retired i1998 whilst in an industry fund and am still floating financially.
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29-Oct-22 13:27pm
Christina C 466456
Don't cash out while stocks are at a low point. It's probably better to wait until the economy is in a better place before cashing out. If you cash out on a low then you lose money, if you cash out on a high then you gain money. It's kind of like the housing market - it's better to sell and make a profit.
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29-Oct-22 13:22pm
Jenny L 591463
I have never believed super was for every one, the pilots used to put money into super so that didn't have to pay so much tax in the 80's. Pilots were on quite a wage obviously it's not for the average Joe who makes 30 grand a year or less a year. Well the governments went this will work and we will make it compulsory for every one and then we don't have to pay people pensions. When a woman leaves the work force to have a baby her super drops dramatically and is chewed up by account keeping fees. Fair well Hell NO I don't think so. I worked in a business with my ex and I never had super and I am not working now so I do not have a super account. We have to do for our selves. The ads were they say oh an extra 46'000 in 20 years so by the time you retire that what an extra 6 months or 12 months? Wow so big of them isn't it? It's your money and they charge you to keep safely and a lot of the times when they invest in things they fail. I think I will look after myself because I know I can do a better job and I don't need any interference from any one else.
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29-Oct-22 13:22pm
Colin L 88398
If you expect any interest from a bank you will be sadly impacted when you see your statements. As the interest rates have increased they chuck it straight to loan payments but BUGGER ALL to Deposit Accounts I think you Interest Rate has increased from virtually nothing a tall well under 1% to an appalling small amount well under 2% since the interest rates started rising and I'm with one of the smaller banks who have passed more onto the customer than the Big Banks. When I stood inside a bank I was seeing adds for interest rates of 3.9% for home loans and I was getting 4K a month for a deposit of 3/4 a million not even petty cash. On the othe rhand my Industry Super Fund was making money at about 4% per annum and the members of the Feral Government where trying to convince me to take most of it out of the Super fund and do what ever I liked with it gambel it away on the Pookies or whatever. I came to the conclusion that the Feral Government didn't want me to have any super and after I paid Tax on the appallingly small interest I was getting from the bank I was probably going backwards where as the Super was unaffected though I do stress I was with a Industry Fund not a Retail Fund who's main purpose for being is to make money for the shareholders and to hell with everyone else.
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29-Oct-22 13:19pm
Chosen
I am amazed how many do not have any savings. Did no one put away money when they were young knowing that it will be needed later in life ???
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- View all 4 replies
- 29-Oct-22 14:13pm
  APB
  There is a funny echo in here isn't there?
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- 29-Oct-22 14:20pm
  ViolaAPB
  There is a funny echo in here isn't there? LOLEdited 29-Oct-22 14:21pm
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- 29-Oct-22 14:50pm
  ChosenAPB
  At least there is one bell ringer here.
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- 29-Oct-22 15:33pm
  APBChosen
  That's true
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29-Oct-22 12:50pm
Robert T 597718
the government is destroying us deliberately
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29-Oct-22 12:09pm
Sonya F 68771
Its tough with every thing going up
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29-Oct-22 11:54am
Carolyn H 319412
Yes I have retired and all of my superannuation went into the mortgage. It did not help that I was scammed out of quite a lot of money.
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29-Oct-22 11:45am
Pat C 618241
When we both retired we luckily already had our house paid off. We did take some of our super funds to upgrade our bathroom and laundry the rest we put in term deposits while banks were paying interest. When all bank interest fell to ridiculous levels, we took the plunge and invested in shares in the bank. Now slowly, deposits of cash savings with banks can again be turned into term deposits with reasonable interest of 3 - 5% but with creeping rate hikes from councils and electricity suppliers it gets tougher every year.
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29-Oct-22 11:36am
Grommie
Bit late now. Move to a small town, buy a dump of a house and get part time work. Do up the house in your spare time.
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29-Oct-22 11:18am
nina m 212027
i started my retirment saving when i wwas in my 40s now i,m retired it has paid off we own our on home and are very comfortable it paid off
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29-Oct-22 10:58am
Florence C 838397
It is too late for me to try saving. I am disabled and will just have to accept that fact.
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- 29-Oct-22 11:20am
  Michelle S 553303
  Me too!
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29-Oct-22 10:41am
Paul J 94868
What retirement savings?
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29-Oct-22 10:38am
Jennifer H 722364
Get some finacial advice see if someone you trust can recommend someone it does cost but may give you peace of mind before you make any money moves .Edited 29-Oct-22 10:41am
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29-Oct-22 10:22am
Andrea F 1069134
Just gone up to 5% on 12 month term deposit at SBS bank way better results than Kiwisaver at the moment.
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29-Oct-22 10:17am
Matt M 461986
Nope, haven't checked it once in the last year. Don't even know if I'll make it to 65 or the world will still be around then
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- 29-Oct-22 11:20am
  Michelle S 553303
  Very true!
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29-Oct-22 10:08am
Martine D 1024201
No
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29-Oct-22 10:03am
B Keeper
I retired 25 years ago with nothing and still have exactly that amount left.
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- 29-Oct-22 10:27am
  Sue M 442475
  Lucky you have Irma!
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- 29-Oct-22 10:46am
  B KeeperSue M 442475
  yep, that is a bit of a bonus.
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29-Oct-22 10:01am
Bugalugs
Trish G, Leave your savings where they are or buy some Blue Chip Stocks - the Banks pay decent Dividends, Publicly Listed companies like Woolworths (Aust), Coles and Wesfarmers are also good - people have to eat! Don't waste your time putting any money into Bank Savings Accounts - despite massive Increases in the Interest they charge Borrowers they are still only giving Depositors a Pathetic 0.01% Interest Rate - say you have $500 in a Bank Savings Account and never touch it. You will get just ONE CENT per MONTH = 12 Cents per year! I am assuming you are in New Zealand as you say you have a "kiwi-saver" account so I don't know if NZ has a Big4 Bank Cartel as we do in Australia. Shares in Large, Secure Companies - the banks are too big to fail - are always a good bet, don't worry about fluctuations in Share Prices in these as they always make multi-billion dollar Profits and they pay Great Dividends.
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- 29-Oct-22 13:16pm
  Chosen
  100% correct.
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29-Oct-22 09:57am
Lyn 78550
No, what is the point of worrying? As long as there is enough money for food, utilities and the essentials of life it is enough. Worrying about this is a negative and you will not enjoy life which, imo, you should be at this stage of your life.
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29-Oct-22 09:36am
JANN R
I AM STILL PAYING OFF MY HOUSE AND HAVE NO SAVINGS AND JUST LIVE FROM PAY TO PAY I AM RETIRED AND MY PENSION IS ONLY JUST COVERING MY BILLS
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29-Oct-22 09:35am
Ian B 821280
Certainly concerned. What is the point of super if governments wont let you put what you want in it and then tax you . I will still need the pension. I find it so DUMB!!! They want is off social welfare DAAAH
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- View all 3 replies
- 29-Oct-22 11:32am
  Michelle S 553303
  No, they want us all on a UBI or Universal Basic Income, where we have to use a digital wallet, at least for now until the RFID chip becomes mandatory for all buying and selling, and these funds, our UBI, will be deposited and just like in China now we'll be surveilled 24/7 and our Social Credit Score will determine where we can go, what we can do and whether we'll be able to buy anything at all. We'll have a totalitarian global banking system run by the Central Banks, which are the architects of the CDBC'S, or Central Bank Digital Currencies, and life as we know it now, with anonymous transactions made by cash, will be extinct. Oh, and it's MUCH closer to being enacted than most people know! I wouldn't be worried about retirement because most of us will be dead and those of us who live through the next few years will wish themselves dead. I certainly will!
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- 29-Oct-22 11:54am
  Hilary P 701184
  I am in total agreement with you. What everyone hasnt realised is that the Covid jab will definitely get rid of most of the population in the next few years as whatever they put into the injection the government can with a tap of a button make people die instantly. Just look at the statistics where they cannot work out why the person who has been fit and healthy suddenly die in their sleep collapse and die while doing every day tasks or playing sport or at concerts etc. Each Prime Minister of each country has been given the task to get rid of at least a million people as food supplies water gas electricity etc hasnot been renewed. The banks are all closing and you soon wont be able to use cash for anything. I am a pensioner and a carer and no home just renting which these days is very iffy if the owners want to sell at any time. No savings so just existing on the fortnightly pension and the carers allowance which gives me $0.40 an hr for cleaning,washing,cooking, travelling, medicatons etc for the person I look after. Control is the worlds policy. Freedom gone and existance only if they want you to keep going. Next 5 years is going to be very interesting.
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- 31-Oct-22 10:14am
  Michelle S 553303Hilary P 701184
  Hello Hilary and please forgive my delay in responding to your reply. I completely agree with everything you say! If people know what their government was doing to them and PLANNING to do to them in the near future there would be rioting in the streets! We have previously healthy people dying and all cause mortality and excess deaths are COMPLETELY off the charts. I've SEEN the charts and now the TGA is actually reporting the deaths of children and babies after these unnecessary kill shots and I am devastated at the death of these kids who never had ANY risk of developing "Covid", excuse me while I vomit, nonsense! The death jab is doing its job and it will only continue to get much worse! I was a Carer for many years and I know the struggle it is when you're on a low fixed income. I had to retire from my job as an RN almost 11 years ago now because I couldn't work and care for my FIL at the same time. I've been on the Disability Pension for a little over 3 years as once my FIL passed away, during the intervening years the regulations around how to get on the DSP had changed. So I had to go on Newstart, which was even worse, for a few months even though I had already been certified as "completely and permanently disabled by my Superannuation companies, and had I not had early access to my Super at that time I don't want to think what could have happened! Prices are going to continue to rise and if you have ANY money available you need to buy as much storable food as you can because we WILL end up in a period of hyperinflation before TPTB crash the old system, remove all cash and put in place a CBDC. The new MyGov app is set to be initiated then and eventually, when enough chaos has occurred, the new digital wallet which is part off the new app will be the only way to buy anything and completely monitored. Sorry about the doom and gloom but that's just the way it is! Take care now and all the best.
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29-Oct-22 09:12am
Paul B 522937
What will be Will be
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- 29-Oct-22 09:28am
  Linda B 907610
  That's what I think too.
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- 30-Oct-22 15:12pm
  Paul B 522937Linda B 907610
  Great minds think alike
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29-Oct-22 09:08am
Elizabeth A 807208
Sounds exciting Suzy travelling around. We bought an acre of land twenty years ago and now there are four generations living on the one property and I count myself blessed to be a part of it
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29-Oct-22 08:59am
The dog house
It is a concern. If I end up with little money left. I imagine buying a home on wheels and travel around from one place to another exploring the areas.
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29-Oct-22 08:41am
Maria B 89860
Rented all my life then when I retired I grabbed the :Great Australian Dream" and managed to qualify for a 30 Year Mortgage, got the letter of approval and quickly found a forever home ... BUT had I been 2weeks later would not have been approved for a loan or only $25K instead of the $85K due to new Govt Regulations on lending Pensioners money ... however the repayments are much less than trying to fork out over $600Fn for Rent! They've got us by the short and curly from day Dot to Date Zero.
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- 29-Oct-22 11:19am
  Lyn 78550
  Well done Maria. Take care and have a great weekend.
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- 29-Oct-22 12:02pm
  Maria B 89860Lyn 78550
  Thanks Lyn, you too!
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29-Oct-22 08:33am
Sheree T
It certainly is a concern with the way the economy is heading. Fortunately we own our home and that eases our mind.
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29-Oct-22 08:28am
Dada WA
Its normal to worry about retirement. I'd just work out what I will have in income and create a budget to deal with it. There is no other choice really. I have been retired 16 years now and its worked reasonably well for me. And I rarely worry, it gets you nowhere. Cheers.
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29-Oct-22 08:07am
Maree B 85308
Not at all, even if i had nothing , i would not worry. Its a useless emotion which holds what we're looking for at a distance, look at each day and be grateful for what you have, there may not be a tomorrow
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29-Oct-22 07:51am
Claude H
I own my own home & have been retired for over 31 years & still worry about my finances with the state of the economy being out of control
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29-Oct-22 07:31am
SUSIE W
Yes very concerned but fortunately own our own small home
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29-Oct-22 07:28am
Vivian M 867575
I can't even afford to die!
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29-Oct-22 07:20am
Glenys H 310155
After reading some of the comments below, makes me realise How lucky I am. We own our home, I have a Dept of Vet Affairs pension, Hubby is currently on jobseeker kind of payment but is experiencing ill health (nothing major). We don't drink or smoke, we enjoy a few hobbies: I love crafts like knitting (make some presents or sell items) we both like reading (library) He is into golf (Budget allows a regular game) He likes jigsaws... had so many and they didn't sell on marketplace so we have started up a jigsaw exchange at a local hall. I guess that retirement comes down to if you are self funded or if you can manage on pension, have a good budget and stick to it.
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- 29-Oct-22 12:53pm
  Robert T 597718
  Best wishes to you both Robert old soldier
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- 29-Oct-22 16:24pm
  Glenys H 310155Robert T 597718
  best wishes to you too
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29-Oct-22 07:16am
Beverly H 848395
I too watch my retirement savings dwindling and it is very worrisome. I am 72 and already am scared that an emergency might arise that we cannot handle financially. We do own a home wiith a small mortgage so at least we have that equity. My husband's managed IRA has lost more than 30% in the last few months. UGH!!!
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29-Oct-22 06:48am
Chosen
DON'T. It is not timing the market it is time in the market. It will come back as it always does and maybe a few years but if you are with a good financially stable Kiwi Provider you are 100% ok. Panic is the worst thing you can do.
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29-Oct-22 06:42am
Marylynne B
I know I’m concerned about mine
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29-Oct-22 06:25am
Lyn A.
I tend to agree. Think many are going to be on the short end with kiwisaver. It can be difficult to live on superannuation alone. Nothing spare for trips or other luxuries, even worse if renting, but councils etc are making it difficult to stay in one's own home also. Hope you have some low cost hobbies you can do in retirement. Good luck
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29-Oct-22 05:10am
sylvie p 1077669
Oui ces dur cette année
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29-Oct-22 04:51am
Ann H 652541
I think as long as your health is good, you can keep working at your job and then when you think you have enough to retire then do so, If you think the money would be better in another account talk to someone about it a broker or a banker and find out what to do about it to set your mind at ease.
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29-Oct-22 04:51am
kristian s 513441
I don't have enough for retirement right now.
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29-Oct-22 04:29am
Bill H 487635
Term deposit SBS presently 5%
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29-Oct-22 04:04am
Chrissie
I share your frustration. When I reached retirement age, 6 months ago my kiwisaver had dropped several thousand dollars in the last few months. I am hoping it will improve before withdrawing. It is not a great amount either. I need to work part time to keep my head above water.
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29-Oct-22 03:07am
Bill A 1068834
Retirement funds and super only benefits the companies that hold it. My super transaction always has fees coming out. In the last 20 year's there's been very little growth in my super, yet you get newsletters on how well things are going, well that maybe Algood for them but what about me. But in saying that times have changed with companies getting hacked, inflation wars going on, nothing seems certain anymore we might have to go back to putting our money under our mattress you can't trust anyone theses' days.
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29-Oct-22 02:56am
allin
no
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29-Oct-22 02:44am
Tina 423889
Right now things are bad and probably will be for a few years. Here in the US its bad and my husband can retire next year but may have to wait a few until things change. You could take half out and save , might be a better bet.
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29-Oct-22 02:25am
Carol S 997391
Trish I could have spoken exactly the same words. Same situation except I do own a home. Very worried. Feel like I will never be able to retire.
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29-Oct-22 02:24am
Gaza
Mine was stolen by a company that was trading whilst insolvent. So now I have to survive on the aged pension.
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29-Oct-22 01:35am
BLACK LIVES MATTER
I am already retired (for 24 years and counting) - I don't have any of your monetary issues (LUCKY ME)! However, I do have medical issues and envy your good health since you are still working past retirement age. Still, I think you NEED to set up an appointment with a certified, licensed, register retirement specialist and a certified, licensed, register financial (advisor) planner - IMMEDIATELY! Edited 29-Oct-22 12:14pm
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29-Oct-22 01:05am
Denise C (Qld)
Ive retired and left my Super with the original fund only drawing on it when absolutely necessary. My investment hasnt performed too well in the past 18 months but I dont believe putting it in a bank account would improve the situation.
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29-Oct-22 00:30am
Patricia B 1012160
living on retirement is hard l had to go back to work to live at the age of 68
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29-Oct-22 00:30am
Julie K 348980
Starting work full time at 18 there were three things I did to be independent when I went flatting. First was to take out health insurance, second make a will and third start putting money into life assurance (not life insurance). These were the days when you got an enormous wage of $50 then tax was taken out. Deduct rent money, food, utilities and public transport etc and I had $3.00 left to spend. Of that I put away $2.00 and spent $1.00 on myself. Yes it was hard but it taught me that you do not ask anyone for anything. 50 years later I have my own home and did it all by myself.
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29-Oct-22 00:23am
Linda C
I never had a retirement fund and I am in a town house paying a mortgage, strata fees and all other bills that come with living these days. I pay all my bills off and they are usually paid in full or even in credit when they fall due. I do opinion polls to get extra money for food which really helps. I do not drink, smoke or go out nor even buy a cup of coffee at the local cafe. It is a frugal existance but it is what it is. I do not know what a kiwi-saver is and what type of retirement schemes you have but perhaps you have a lot of fees and charges coming out of them.
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29-Oct-22 00:11am
Rhonda D 522615
I have my savings in my 401K plan. I let them manage it. Always growing. I live in the USA.
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29-Oct-22 00:05am
Sandra C 12043
Thought all NZ's had a pension regardless oif how much money they had. Think yourself lucky. Here in Australia if you have saved a bit of money then you are penalised, no pension even though you have had the money taken out of your pay to pay for your pension.
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- View all 6 replies
- 29-Oct-22 00:27am
  Linda C
  You have money taken out of your pay but your employers pay money into it also and your percentage over the years has been less than 10%. If you have enough to not have even a little bit of a government pension you are going OK. Try living on $20000 a year with no super, a mortgage, etc.
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- 29-Oct-22 03:23am
  Gillian G 939184
  We do get a pension but it covers the basics. Not much left for frills like outings or holidays. But as I was unable to save for retirement due to personal circumstances I am very grateful to have it
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- 29-Oct-22 07:57am
  Sandra C 12043Linda C
  You are obviously not Australian or I must be a lot older than you think because it was only later years in Australia that employers were paying superannuation. The Government in the old days took extra tax from each employee.. There was no such thing as superannuatrion when I was working, not unless you were able to afford private super through an insurance company, and I could not.Edited 29-Oct-22 07:58am
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- 29-Oct-22 08:21am
  Linda CSandra C 12043
  I am an Australian and super was available back in the 60's when I started work but it was not mandatory. I was offered it but had to have a physical and my mother would not allow that for some reason. Super was bought up by Bob Hawke Labour government and the ACTU in 1983 and was bought in though in 1992 when employers were to make 3% contributions.
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- 29-Oct-22 09:06am
  Sandra C 12043Linda C
  I remember when super came in and our employer put in one dollar and we could put in one dollar, but no more than that.
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- 29-Oct-22 10:41am
  Linda CSandra C 12043
  I wish I had some super but unfortunately I was divorced late in life and it was not part of the settlement something I think should be mandatory especially if married for 20 years or more as I was. I did not come into the marriage with much but it was more than my husband so it is not like I would be ripping him off as some do. It is what it is however.
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